Netflix shares have slumped more than 30% over the past two-and-a-half months despite the company posting strong third-quarter earnings and subscriber growth on October 16. Bernstein analyst Todd Juenger says the sell-off could be a result of the current environment of rising interest rates, which tends to penalize companies, such as Netflix, that are short of cash.

That was "a very similar scenario to when 2018 free cash flow guide was first provided a year ago, coming in worse than consensus on higher programming expense," Juenger said. "Only last time, the market believed that higher programming spend was a 'good guy' (or not as much of a 'bad guy'), as it likely fuels future sub adds. This time, the market isn't buying into that."

On Thursday, the Federal Reserve hiked its key interest rates for the fourth time this year, making debt more expensive. Rising interest rates decrease "the present value of future cash, which is especially impactful for a company like Netflix where positive cash flow is many years into the future," Juenger said.